Have you heard of Cardano? While Bitcoin and Ethereum are constantly mentioned in any context when cryptocurrencies are discussed, Cardano is frequently left without attention. However, now, the situation is changing to Cardano’s benefit. It happens so because the project is pretty advanced and promising, and with the advancement of blockchain technology, the project’s importance is growing. So, the future of Cardano seems to be quite promising.
What Is Cardano?
It is one of the most advanced blockchain networks. It supports smart contracts and dapps. It is one of the major competitors of Ethereum. The main benefit of Cardano compared to the Ethereum blockchain is the use of Proof-of-Stake consensus (Ouroboros). So, the transactions in the network are validated by nodes. Everybody can become a node and get transaction fees as a reward for every validated transaction. To do so, one needs to lock a specific number of coins in the network.
Ethereum is just in the process of moving to the Proof-of-Stack consensus mechanism.
Cardano has other benefits, too, and they are applied not only to Ethereum but to other projects, too. Mostly it is due to the academic approach of the project developers to creating new features. So, if a network is going to implement a new feature for finance, it is done in close collaboration with the specialists working in the financial field, and similar. Such an approach ensures the top usability of all implemented features.
In the future, the project is planning to focus on such industries as agriculture, education, health, medicine.
The innovative approach is one of the main factors that ensures the project’s growth and acceptance. The system can be upgraded via soft forks as long as all the nodes agree on an update. There is no need for hard forks. It makes the network more stable.
The privacy matters are addressed in a way to comply with the user expectations and regulatory requirements.
Cardano, or rather its native cryptocurrency ADA is considered a smart option for long-term investment. It is already quite popular now, and its popularity and acceptance in the crypto-world and in the real world are growing exponentially.
It is expected that with more acceptance and the exploration of the blockchain potential, the project’s popularity will continue growing more rapidly. And with the popularity growth, the coin value will be increasing, too.
So, if you are considering long-term investment, start with choosing a crypto wallet. There are some reliable and easy-to-use wallets to store ADA.
Make sure you have access to private keys. The wallet shall be reliable and developed by an acknowledged company.
Buy coins on a reliable verified exchange. There are traditional and instant exchanges, so you have a good choice. Those who prefer earning on day trading might like the services of traditional exchanges. If you are oriented to privacy and long-term investment, an instant exchange might be your perfect choice.